Ahafo Update

Status Update (100%)

• First Production Expected in 2H 2006

• Production ~ 500,000-550,000 Ounces During First 5 Years
  • Average total cash costs ~ $200 per ounce during first 5 years
  • Average mining rate ~110,000 tons per day

• Pre-Production Capital: $400 million - $425 million

• Estimated Life of Mine Increased from 15 years to 20 years
  • Potential to maximize returns & optimize mine life to 15 years with 2nd milling facility

• Estimated Employment ~600 People

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